Housing Sales in Prince Rupert slow into September, while prices continue to hold

The Northern British Columbia Real Estate Board has issued it's latest review of the real estate picture in the Northwest, providing a glimpse into the state of the market three quarters of the way towards the end of the year.

For Prince Rupert the numbers show a decline in the sale of properties from this time last year, with 168 properties worth 39.7 million dollars having changed hands in the first nine months of 2015, that compares to the 263 Sold signs that appeared at this time last year, when properties sold totals came in at 55.4 million.

Of the 126 single family homes that have sold in the Prince Rupert area this year, half of those on the market sold for less than $241,000 and on average it took 94 days for a deal to close.

As of September 30th, there were 179 properties of all varieties on the market in the area through the MLS service. One year ago a residential detached home on the North Coast was selling for $214,136.

The September 2015 numbers highlight the increase in selling prices that has been noted over the last three years.

In 2012, the average price of a residential detached home in the city was getting the seller $193,691, as this September came to a close, the average price of a residential detached home was reported at $248,865.

The comparison chart of communities across Northern BC
chart provided by the Northern BC Real Estate Board

The two nearest communities to the North Coast are holding close to their selling values of a year ago as well.

In the first nine months of 2015, Terrace has seen 225 properties worth 57.6 million dollars sold, down from 288 properties sold in 2014 at $72.5 million. of the 131 single family homes sold in that community to September of this year, half sold for less than $308,750, with homes taking 66 days to sell. One year ago at this time, the selling price in Terrace was $307,507. In 2012, the selling price for the average residential detached home was $219,242

Kitimat has seen 89 properties change hand to September 30, bringing in total sales of $24.4 million, that compares to the 128 properties that sold this time last year worth $35.9 million. Of the 57 single family homes sold in the community to this point, half of sold for less than 310,000 dollars and have on average taken 92 days to sell. One year ago at this time, the selling price in Kitimat was $318,270. In 2012, the selling price for the average residential detached home was $175,959

You can review the full overview of all communities in Northern British Columbia from this information statement from the Northern BC Real Estate Board.

A look at the week to week picture for the higher end properties in Prince Rupert can be reviewed from our Real Estate Tracker.

While you can review some of our Real Estate notes on the North Coast from our Backgrounder page here, for items related to housing issues on the North Coast see our housing archive.